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Petrol, diesel prices likely to go down from April 1

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  • Petrol rate likely to reduce by Rs4-5 per litre.
  • Rs15-20 per litre reduction expected in diesel price.
  • Sources hint at possibility of prices remaining unchanged.

Following a reduction in international crude oil prices, the rates of petroleum products in Pakistan are expected to decline from April 1, Geo News reported Wednesday.

According to estimates of oil marketing companies (OMCs), the price of diesel is likely to decline by Rs15-20 per litre while the price of petrol is expected to go down by Rs4-5 per litre.

However, well-placed sources in the industry said that there is a possibility that the Finance Division keeps the price unchanged.

In its last fortnight bulletin, the federal government raised the price of petrol to Rs272 per litre.

The Finance Division attributed the price hike to the depreciation of the Pakistani rupee against the US dollar and an increase in the prices registered by Platts Singapore.

The price of MS (petrol) was increased by Rs5 per litre and the price of hi-speed diesel was increased by Rs13 per litre.

The increase in the price of kerosene oil was kept at Rs2.56 by reducing the government’s dues on it. Similarly, the price of light diesel oil was kept constant by adjusting the government dues as well.

The new prices came into effect on March 16 and will remain in place till March 31.

The Finance Division will announce the news rates on March 31 which will remain in place for the next 15 days. 

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Amid expectations of economic stability, the PSX soars to its highest level ever, reaching 118k.

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The KSE-100 index soared to yet another record high during intraday trading on Thursday, demonstrating that bulls were still in control of the Pakistan Stock Exchange (PSX).

The benchmark 100 index increased by 1,359.73 points from its previous closing of 117,008.08 to hit an intraday high of 118,367.81 points.

Given the federal government’s ambitious ambition to overhaul the national economy, traders’ large buying binge coincides with predictions of economic stability in the nation.

The five-year national economic plan “Uraan Pakistan,” which aims to achieve sustainable development and economic stability, was inaugurated by Prime Minister Shehbaz Sharif on December 31.

Speaking to the audience, the prime minister emphasized that the program would offer a path forward for economic development, emphasizing work creation, infrastructure, energy, the digital economy, and the environment.

Meanwhile, investors’ confidence has also increased due to the falling rate of inflation. This is the lowest level of 4.1 percent in 81 months as a result of government actions.

The consumer price index was measured at 4.1 percent last month, down from 49 percent in June of last year, according to the Pakistan Bureau of Statistics. Comparing this to the 29.7 percent inflation rate in December 2023, there has been a notable decrease.

Compared to 2.3 percent in June 2024 and 27.3 percent in December 2023, the wholesale price index was just 1.9 percent last month.

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Pakistan’s exports increased 10.52 percent to $16.5 billion.

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In comparison to $14.985 billion in July-December 2023-24, exports during July-December 2024-25 totaled $16.561 billion, according to PBS data.

In contrast, imports into the nation increased from $26.137 million in the first half of this year to $27.733 million in the first half of this year, a 6.11 percent increase.

According to the numbers, the trade deficit for the months under review was $11.172 billion, which represents a minor increase of 0.18 percent over the deficit of $11.152 billion the previous year.

Exports in December 2024, on the other hand, climbed 0.67 percent year over year to $2.841 billion from $2.822 billion in December 2023.

In contrast, PBS data shows that imports increased from $4.635 to $5.285 percent, a 14.02 percent increase.

Compared to November 2024’s exports of $2.833 billion, the country’s exports increased by 0.28 percent on a month-over-month basis.

According to a report by PBS, the imports increased by 17.44% in comparison to the $4.500 billion in November 2024.

Concurrently, the first five months of the current fiscal year saw a 7.58 percent growth in services exports over the same period last year.

In July-November 2024-25, service exports were $3.274 billion, compared to $3.044 billion in July-November 2023-24, according to PBS data.

Service imports, on the other hand, increased 2.88 percent to $4.425 billion this year from $4.301 billion the year before.

The data shows that the services trade deficit increased negatively by 8.48 percent, reaching $1.150 billion in the current fiscal year compared to $1.257 billion in the previous one.

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To comply with IMF requirements, the government implements new pension reforms.

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With the implementation of pension changes for retired federal government employees, Pakistan has met another requirement stipulated by the International Monetary Fund (IMF).

In this context, the Ministry of Finance has released two notices.

The proposed regulations will provide retired workers with a pension equal to their average wage during the previous 24 months.

Every year, the pension will be raised in accordance with the average earnings.

The double pension arrangement has also been eliminated. A retired employee can only get their pay or pension if they return to work for any organization; they cannot get both.

Moreover, eligibility for pensions has been made clear in situations where the husband and wife are both employed by the federal government.

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